GPT Group Reports Strong 2025 Results with $39.8 Billion Assets Under Management

Robust Growth in Assets Under Management and Strategic Acquisitions

The GPT Group (ASX:GPT) reported a strong operating performance for the year ended 31 December 2025, with assets under management (AUM) rising by $5.4 billion to $39.8 billion. This growth was driven by strategic acquisitions and partnerships across its core sectors of retail, logistics, and office.

Key transactions included the $860 million acquisition of a 50% interest in Sydney’s Grosvenor Place in partnership with Commonwealth Superannuation Corporation (CSC), which complements GPT’s office portfolio and offers opportunities for value enhancement through asset management expertise. The retail platform expanded with the addition of five shopping centres, including Belmont Forum and Cockburn Gateway in Western Australia, Macquarie Centre under the ACRT mandate, Macarthur Square in Sydney, and Sunshine Plaza in Queensland. Logistics growth was supported by the establishment of a third investment strategy with partner QuadReal and progress on a $3 billion logistics development pipeline.

Strong Financial Metrics and Operational Performance

GPT delivered Funds from Operations (FFO) per security of 34.0 cents for 2025, in line with upgraded guidance, alongside a full-year distribution of 24.0 cents per security. The investment portfolio achieved 6.3% like-for-like net property income growth, supported by high occupancy of 97.6% and a weighted average lease expiry of 4.5 years. Statutory net profit after tax was $981 million, while net tangible assets per security stood at $5.53.

The Group’s pooled funds also performed well, with the GPT Wholesale Shopping Centre Fund (GWSCF) returning 11.2% for the year, outperforming the MSCI/Mercer All Retail Funds index across all measured periods. The GPT Wholesale Office Fund (GWOF) delivered a 7.8% total return and outperformed its benchmark over one, two, three, and five years. GPT’s disciplined capital management approach was reflected in a gearing ratio of 31.1% and liquidity of $1.2 billion at year-end.

Sustainability and Governance Initiatives

GPT maintained carbon neutral certification across all wholly-owned and managed operational assets during 2025, achieving a 94% improvement in net Scope 1 and 2 emissions intensity since 2019. The Group integrates sustainability considerations into investment and operating decisions to enhance long-term portfolio value.

On governance, the Board continued its renewal program with the appointment of Tony Osmond as an Independent Non-Executive Director effective 1 March 2026. Osmond brings extensive experience in strategic investments and capital allocation, aligning with GPT’s focus on long-term value creation.

Outlook Amid Market Uncertainties

While GPT acknowledges ongoing geopolitical tensions, including the war in Iran, and economic challenges such as inflation and interest rate rises, the Group remains confident in its investment-led business model. The portfolio’s high-quality, resilient income-producing assets and strong balance sheet position GPT to navigate market volatility. The Group expects 2026 FFO per security of approximately 35.4 cents, representing around 4% growth.

This follows a series of positive earnings upgrades during 2025, including a boosted earnings forecast amid strong portfolio performance, underscoring GPT’s capacity to deliver consistent income growth and capital management discipline.